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JMLSG Propose Guidance Changes

JMLSG Guidance Changes

18 February 2020

The Joint Money Laundering Steering Group (JMLSG) has set out proposed amendments to its Guidance. The amendments take account of the new Money Laundering and Terrorist Financing (Amendment) Regulations 2019 which came into force on 10 January 2020. Anyone wishing to respond upon the proposed amendments should do so before the closing date of 3 April 2020.

It should also be noted that the JMLSG also plans to consult upon a new section in the near future which will provide sector specific guidance for cryptoassets exchanges and custodian wallet providers.

Summary of JMLSG Proposed Changes:

The proposed changes to the JMLSG’s guidance are to take into account the revised Money Laundering Regulations that came into effect on 10th January 2020 as a result of the Fifth Money Laundering Directive (5MLD) being implemented across Europe. The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (MLR 2019) replaces the previous Money Laundering Regulations (MLR 2017). In addition, the proposed changes look to reflect and refine some of the Guidance to improve the clarity of other minor issues.

Since Cryptoasset Businesses are now captured under MLR 2019, a new sector is being created in Part II of the Guidance to provide specific guidance for this sector, including cryptoasset exchanges and custodian wallet providers. As a result of 5MLD and the new MLR 2019, Cryptoasset Businesses came under the regulation of the FCA in January and the JMLSG hopes to publish this particular area of its Guidance for consultation by the end of the month in addition to all other amendments to 5MLD.

The revised text for Parts I, II and II of the Guidance can be seen here.

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